Connect with us

Business

NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results

COVID-19 pandemic and slump in global oil prices have seriously affected the oil bunkering business in Hong Kong and Singapore, and the electronic business in China.

Admin

Published

on

New Ocean Energy

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Tuesday (30 March) published a profit warning regarding its results from the financial year ended 31 December 2020 (FY 2020).

According to the notice, NewOcean’s board of directors wish to inform shareholders and potential investors that, based on the preliminary assessment of the latest unaudited financial information, the group is expected to record a consolidated net loss of approximately HKD 2.37 billion (USD 304.8 million) for FY 2020 compared to a consolidated net profit of HKD 607 million FY 2019.

Due to the global pandemic of COVID-19, the slump in global oil prices NewOcean said its business operations have been seriously affected especially the oil bunkering business in Hong Kong and Singapore and the electronic business in the People’s Republic of China.

As a consequence, the gross profit margin derived from its oil bunkering business and electronic business has been substantially reduced or turned into gross loss margin as compared to Year 2019.

Additionally, the continued weak energy demand throughout 2020 due to pandemic-related lockdowns, the NewOcean said it also experienced undue delay in trade receivables collection, inventory being sold under purchase costs and contracting of sales volume in different business units.

“In certain cases, the buyers used various pretext (and in a particular case, also as a result of wrongful interference) to avoid their payment obligations and the group had to resort to litigation to recover the amounts due and incurred substantial legal and other costs and expenses,” explained NewOcean.

“The group has been vigorously pursuing the trade debtors and expects to fully recover all overdue payments together with compensation for our losses and damages.”

The group adds that additional impairment losses on trade receivables, other receivables, inventories, goodwill, intangible assets and property, plant and equipment, etc. amounted to approximately HKD 2 billion.

In January, Manifold Times reported NewOcean had planned to restructure its debt through a series of schemes to be approved by creditors; but the meeting was adjourned.

The proposed resolution to adjourn was approved by a unanimous vote from scheme creditors and NewOcean said it would further apply to the Hong Kong Court and the Bermuda Court for direction.

Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results

 

Photo credit: NewOcean Energy
Published: 31 March, 2021

Continue Reading

Methanol

OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

“OOCL Wisdom” completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port on 3 July.

Admin

Published

on

By

OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

​International container transportation and logistics company Orient Overseas Container Line (OOCL) on Friday (3 July) said its first methanol dual-fuel containership, OOCL Wisdom, completed its first green methanol bunkering and commenced its maiden voyage at Qingdao Port.

OOCL Wisdom is the first in a series of seven methanol dual-fuel container vessels. With a maximum capacity of 24,168 TEU, it is currently the world’s largest methanol dual‑fuel container vessel and is deployed on the Asia – North Europe Loop 1 (LL1) service.

Mr. Peter Pan, Director of Trades of OOCL, said: “OOCL Wisdom completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port, representing a significant achievement of the deepening collaboration between OOCL and Shandong Port Group, and reflecting OOCL’s steadfast commitment to green and low‑carbon development, digital intelligence and sustainability.”

 

Photo credit: Orient Overseas Container Line
Published: 6 July, 2026

Continue Reading

LNG Bunkering

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

“Hai Yang Shi You 302” supplied container ship “MSC Maria Laura” with 3,500 cubic meters of bonded LNG at Chuanshan Port Area, after the bunkering vessel received bonded LNG in Zhoushan.

Admin

Published

on

By

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Zhejiang Province on Saturday (27 June) completed its first cross-regional bonded LNG bunkering operation at Chuanshan Port Area of ​​Ningbo-Zhoushan Port, according to Hangzhou Customs. 

Bunkering vessel Hai Yang Shi You 302 travelled to ENN Zhoushan LNG receiving terminal to load bonded LNG. The vessel then supplied container ship MSC Maria Laura with 3,500 cubic meters of bonded LNG at Chuanshan Port Area. 

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Compared with the traditional single-port bunkering model, the cross-regional operation removes the geographical barriers between Zhoushan’s gas supply and bunkering demand in Ningbo’s core port area, enabling cross-port LNG transfer within the province.

“The new operating model addresses longstanding constraints associated with the geographical limitations of LNG supply reloading and tight operational time windows,” said Chen Bangkui, Business Manager at CNOOC Zhejiang New Energy Co Ltd. 

“We can now flexibly source bonded LNG from both Zhoushan and Ningbo, significantly improving operational flexibility and efficiency.”

 

Photo credit: Hangzhou Customs
Published: 6 July, 2026

Continue Reading

Battery

ICCT: China’s electric cargo ship fleet grows 950% in three years

In its latest blog, ICCT says vessel sizes for electric cargo ships have grown significantly, indicating that China is testing the feasibility of electrification for increasingly larger ships.

Admin

Published

on

By

CHUTTERSNAP MT

The International Council on Clean Transportation (ICCT) recently said China’s fleet of electric cargo ships has grown by 950%, from just four vessels in 2022 to 42 in 2025.

According to its latest blog, electrification is rapidly expanding along inland waterways in the country, offering a pathway to cut emissions, improve air quality, and lower operating costs.

ICCT said electric cargo ships are entering real-world operation at a rapidly growing pace

“Ship types have diversified, from bulk carriers and container ships to multi-purpose cargo ships. At the same time, vessel sizes have grown significantly, with the maximum deadweight tonnage (DWT) rising from around 3,000 tonnes in 2022 to approximately 14,000 tonnes in 2025,” it said.

“This indicates that China is testing the feasibility of electrification for increasingly larger ships.”

Although battery capacity constraints continue to limit sailing range per charge—which typically hovered between 150 km and 400 km from 2022 to 2025—trends show steady improvement; by 2025, electric cargo ships with a range of up to 500 km were already in operation in China.

Inland waterways have become the primary testing ground for electric cargo ship deployment. 

By the end of 2025, 86% of electric cargo ships in China were operating on internal rivers. 

“Nine provinces and municipalities have already launched pilot projects, covering major waterways such as the Yangtze River, the Pearl River, and the Beijing-Hangzhou Grand Canal,” ICCT added.

The blog also explored the opportunities, challenges, and policy actions that could accelerate the shift to electric inland shipping.

“Developing an enhanced subsidy that favors electric vessels, on top of the current vessel trade-in subsidy program, could help reduce the upfront investment burden for electric vessel adoption,” it recommended.

ICCT added that tightening ship engine emission standards toward world-leading levels could increase the compliance costs of conventional-fuel vessels and improve the relative competitiveness of electric ships.

“The electrification of inland shipping in China is already underway; what is needed now is smart policy to accelerate the transition,” it said.

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 6 July, 2026

Continue Reading

Trending